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Greece’s creditors reject “extension of legal protection for primary residence”

April 10, 2020

Extending the legal protection framework in Greece for owners of primary residence has reportedly “snagged” on opposition by the country’s European creditors, even amid the unprecedented situation with the coronavirus pandemic and its devastating effects on the economy.

According to reports, European representatives were negative to a request by Athens to extend the legal safeguard, whereby a primary residence is protected from creditors.

The framework, based on Law 4605 of 2019, has already been extended four months, and is due to expire on April 30.

Earlier this week, Development and Investments Minister Adonis Georgiadis said the Mitsotakis government will request an extension of the law, citing the crushing economic impact of the ongoing pandemic and its crushing impact on the recovering Greek economy.

Reports cite two “scenarios” on the table, namely, an extension to the end of the year, and another shorter one, until the end of September.

Regardless, a nearly five-hour teleconference between the Greek side and European creditors’ representatives this week failed to find any compromise.